The realities of life in the middle of the COVID-19 coronavirus pandemic are sure to become challenging for everyone, including startups, who definitely need help starting up. With its latest offering, Raleigh-based Pendo hopes to be of service.
A product cloud that helps digital product teams and applications deliver software experiences desired by users, Pendo announced the launch of Pendo for Startups last week. With the intention of helping startups prove market need, Pendo for Startups aims to give new companies and founders access to data that will be considered by investors vetting them for potential funding.
Three of Pendo’s core capabilities will be available in Pendo for Startups. This includes analytic insights, which show engagement, return and success level, broken down by users and accounts. Also available are in-app, user-targeted surveys and polls, combined with qualitative usage and behavioral data to help profile customers.
Finally, in-app messages, walkthroughs and tooltips give users guidance toward their desired product experiences, helping them get the most usage of features, plus custom on-boarding and tutorials as needed.
According to a statement from Pendo, a recent analysis of data on Crunchbase found that venture-backed Pendo customers have an 18 percent higher likelihood to raise subsequent funding than average startups. This included seed-funded customers, which the study found 40 percent more likely than average customers to raise a Series A round of capital.
Requirements for access to Pendo for Startups include having a web or mobile application currently live, and having gone through a Series A funding round, although it does leave room for startups “at an earlier stage.” It does, however, restrict private equity-funded startups from participating.
In mid-October 2019, Pendo announced that it had raised $100 million, taking the company over $1 billion in valuation.
Note: Pendo announced last week that the company is temporarily switching to an all-remote work plan. This story will be updated with additional news when we hear back from company representatives.
Interested companies can apply here.